Hello, the fastest route for this game actually does not use what Toufool did at SGDQ2013. In fact it uses a Japanese copy of the game that uses the wrong warp to Dragon Forest with the plane vehicle which allows you to skip 5 balloons by flying out of bounds into Haunted Woods. The outcome of this wrong warp seems to be somewhat random, I have no idea how to manipulate it at all. You still need the 8 balloons from Dino Domain races, and 2 more to enter Whale Bay for the Sherbert Island trophy.
However, there is one thing that should be pointed out... that is the Hot Top Volcano silver coin challenge requires 10 balloons to enter normally without any T.T. stomp. You can bypass this with a precise stomp into Dino Domain boss, that way you can do the races back to back just like the 100% run does in Future Fun Land. I'm not sure on the exact time save for skipping 1 overworld balloon and the back-to-back races. It would be real close in determining if this "TAS only" route saves time.
Here are two videos for examples of the route, although they are a little sloppy... especially low%. Keep in mind, it would be faster to get the lucky wrong warp first as opposed to last in my Any% run. On the other hand I haven't timed which would be fastest for low%.
Any%:
https://www.youtube.com/watch?v=ygHRafA4Nlk
Low%:
https://www.youtube.com/watch?v=8jIC7BowEFw